In late 2012, Aviva faced a huge challenge. The government’s Retail Distribution Review (RDR) promised one of the biggest regulatory changes the industry had ever seen. In particular, it threatened financial advisers, one of Aviva’s key channels.
With the challenge set and the stakes high, how would Aviva respond?
As a direct result of RDR, it is thought that around 20,000 advisers have left the industry. Those remaining had a whole new challenge to overcome, the review marking the end of commission – most advisers’ sole method of professional remuneration. They would now need to convince clients to pay fees for advice that many clients had seen as being free – or face bankruptcy.
Aviva initiated research along all elements of the supply chain – adviser, consumer and Aviva’s sales force, a critical remaining point of influence for Aviva. The resulting insights led to the creation of a ground-breaking campaign which delivered unique, valuable advice in supporting advisers where their need was greatest – having more effective fee conversations with their clients. This cut to the heart of advisers’ single biggest issue and differentiated Aviva against their bigger spending competitors.
Ensuring business survival
Two of the UK’s leading Behavioural Scientists were commissioned to produce tools, content and video that gave advisers the tools to best ensure their business survival. And create loyalty to the Aviva brand at this critical formative time for relationships and habits.
Campaign results surpassed all targets, hopes and expectations. Key Net Promoter and ‘Likelihood to Recommend’ scores rose dramatically against targeted measures and new conversations with the sales force exceeded 600% over already aggressive targets. The ‘New Thinking on Adviser Charging’ book was requested by over 5,040 advisers which would have put it in the business best-sellers list if it had been a paid-for work.
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